Extenway Presents Its Financial Results for the Fiscal Year 2012
MONTREAL, QUEBEC--(Marketwire - Oct. 25, 2012) - Extenway Solutions Inc. ("Extenway") (TSX VENTURE:EY) presented its financial results for the year ending April 30, 2012 at its annual and special meeting of shareholders in Montreal this morning.
Extenway CEO John McAllister started with the news that the Company was selected by the CSSS du Lac-des-Deux-Montagnes to provide bedside terminals and services for the Saint-Eustache Hospital's 280 beds in september 2011 and that this installation, the first in an acute care hospital, was now complete and in revenue service.
Furthermore, this installation contained a number of advances such as the use of the existing co-axial cable rather than re-wiring the facility. During the installation process, another Extenway innovation allowed each terminal to be activated on a rolling basis so patients benefited from the service sooner and the CSSS generated revenues for Extenway more rapidly, which also resulted in a reduction of approximately 50% in the capital cost per bed.
"We entered the year with a growing pipeline of potential hospital contracts, in terms of hospital presentations, requests for information and requests for proposal specifying the highest functionalities of our system, said John McAllister, CEO of Extenway. Thus we ended the year with a far greater pipeline and significant evolution of proposals to the decision stage as well as far wider geographic possibilities provided by the relationships we have developed with third parties."
Extenway also spoke to how it improved its technology and content since last year, by adding, to name a few, telecommunications and various healthcare functions as well as movies on demand.
Shareholders were also informed that the existing installations of the Extenway solution at the Jewish Rehabilitation Hospital in Montreal and in a chemotherapy facility at the Memorial Sloan Kettering Cancer Center in New York City both continued to operate with steady patient utilization.
Revenue for the fiscal year 2012 totalled $181,000. The company announced net losses of $2.8 million compared to net losses of $2.3 million for the fiscal year 2011.
Please take note that some of the directors of Extenway (Louis Brunel, Francine Laurent, Lorne Zakaib and Carolyne Lassonde) have been granted options allowing them to subscribe each a maximum of 150,000 common shares of Extenway, at a price of subscription of 13 cents per share. The expiry date of these options is October 25, 2017.
About Solutions Extenway
Extenway Solutions provides technology solutions to the healthcare sector. Among the services offered by Extenway are interactive televisions, bedside patient terminals, Internet, entertainment, content integration, advertising, education, and integrated solutions. Extenway allows organizations to optimize the way they manage and coordinate interactions in the areas of communications, information and entertainment. For more information, visit www.extenway.com or follow us on Twitter @Extenway.
Disclaimer - Safe Harbour Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements relate to the future financial conditions, results of operations or business of Extenway. These statements may be current expectations and estimates about the markets in which Extenway operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. The results or events predicted in forward-looking statements may differ materially from actual results or events. Extenway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, forward-looking statements do not reflect the potential impact of any merger, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made.
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